So, you have some debt. Maybe you went a little crazy with credit cards in your 20s, or maybe you went through a rough divorce. Whatever the reason for your bad credit, the only way out of it is to start paying off those bills, getting your credit cards out of max, and dealing with debt collectors.
You can get help getting out of debt through debt consolidation companies, which look at all the debt you have and find ways to make it so you can make one payment for everything each month until you’re paid off. It doesn’t happen overnight, but it can happen. And, while you may seem content in your debt, there are reasons to get it dealt with.
You Want To Stop Renting
OK, even renting can be difficult to do if you have bad credit or a low credit score. You might be able to rent from a private renter, but if you want to get into an apartment complex, there is a good chance they are going to do a credit check, and if your credit is bad, they are going to assume you’re not going to pay your rent.
When it’s time to buy a house you’ll also want your credit straightened out. Even companies that help people with low income own their own home require you to have a decent credit record.
Your Vehicle Isn’t Going To Last Forever
If you ever intend to buy a brand new vehicle you are going to want good credit. Some sellers will flat out turn you down even for mediocre credit, even if you have a cosigner with good credit. However, if you want to go with a used vehicle instead, and likely pay a high interest rate, there are still pay as you go places that will work with your bad credit.
You Need A Credit Card
While no one ever really needs to have a credit card, there are plenty of reasons to want one. If your credit is poor you may find your only options are cards with annual fees that have high interest rates, and ones that need a deposit. A credit card can help you increase your credit rating (if you’re making payments on time), it makes it easier to shop online, and sometimes you are required to have one for certain utilities and such.
You Want To Get Married
Plenty of people get married with bad credit, but you don’t want to be one of them. While marrying someone with bad credit isn’t going to automatically bring down your credit score, their poor spending habits could affect you in the long run, and it may be the cause for many arguments, and even your impending divorce.